Seems the turning point may have been early June when Trichet made a proposal that included the ECB, as previously discussed.
And note, also as previously discussed, it’s all about ‘the euro’ meaning ‘strong currency.’
So a big relief rally with the solvency issue resolved, and then just the reality of a bad economy, and a too strong euro with no politically correct way to contain it, as dollar buying is ideologically all but impossible.
Also, as previously discussed, member govt deficits seem high enough for modest improvement, absent further aggressive austerity measures.
*MERKEL, HOLLANDE READY TO DO ANYTHING TO PROTECT EURO REG
*GERMAN CHANCELLERY COMMENTS IN E-MAILED STATEMENT
*GERMAN CHANCELLERY COMMENTS ON MERKEL-HOLLANDE TELEPHONE CALL
So to make sure I understand that the right priorities won, “solvency” was fixed, but 50% of the youth in spain are rotting on the vine, trash piles up in greece, ancient roman ruins and relics are defaced by roving gangs of heroin addicts in italy, and in germany they have needle vending machines dispensing free syringes so that the pharmacy windows don’t get broken. Yah, real success there monetary gurus (sigh) I thought the REALITY of a bad economy being fixed was priority 1, solvency be damned? huh?
@Save America,
SA, I thought we were going to meet up in Las Vegas?
@roger erickson, I caught whooping cough from one of the backpage escorts so I have to quarantine myself 🙁 Just go to the RIO hotel and start mingling with all the spooks and greybeards at defcon, lots of interesting ideas and people. General Keith B. Alexander Commander, US Cyber Command is giving talk. Lots of your washington friends are sure to be around.
sad but true
Economies supported by unemployment payments is not exactly encouraging.
Audit the Federal Reserve, call your senator, expose the criminal banking cartel.
If the MMTers are correct then the Fed should nothing to hide, but they do because they are corrupt anti-America traitors.
More likely they presume there is some public purpose to member bank privacy somehow related to the confidence fairy.
I fully support annual Fed audits
@WARREN MOSLER,
MMT at first was most instructive on fiat currency economics …now all I can see through MMT eyes is the total corruption of the fiat system by a few for the few …I am somewhat sympathetic to Randy Wray’ s recent ‘rants’ .
The Euro seems to be driven by carry trade mechanics which project greater interest rate differentials into the future vis-a-vis other currency pairs. A weaker Euro balanced out by inflows from increased exports seems like a more likely scenario.
@Walid M,
I don’t think there are a few who know how the system works let alone know how to corrupt it. Let’s not be overly dramatic.
@FIn,
there are few like Warren who know how it works and how to fix it for the majority ..but plenty who know how to abuse it and keep the majority in ignorance ..
@Walid M,
i seriously doubt that.
@FIN,
How about “plenty who know only to ignore it and keep the majority [including themselves] in ignorance ..”
@FIn, You don’t need very many to deliberately screw up a perfectly good system. Ignorance and/or misguided decisions will do just fine.
Walid, g Edward griffin just told me some Olympic humor. In 1912 gold medals were solid gold. Then in 1913 the creature from Jekyll island jumped into an Olympic sized swimming pool and gold medals were never solid gold again. Today the few grams of gold in an Olympic gold medal wouldn’t buy enough to gas up the zdvan and 1 London dinner with merkel. Much less the parking fines. The bright side
The last place prize for prk athletes is a lead medal worn through the heart.
@sdvan,
“The last place prize for prk athletes is a lead medal worn through the heart.”
Sounds like a stiff undertaking.
Warren, the UK is going to do a reverse jobs gauranee! LOL! You will be forced to work a useless job to continue to receive food and shelter.
http://www.guardian.co.uk/society/2012/jul/29/long-term-unemployed-unpaid-work
During the case last month the court heard that Jamieson Wilson, from the Midlands, was expected to wash and clean furniture for an unnamed organisation for six months unpaid.
After refusing to take part in the “exploitative” scheme, Wilson, who trained and worked as a mechanical engineer and an HGV driver and has been unemployed since 2008, was stripped of his benefits and was now “relying on family and friends” to survive.
A decision in the case, which could affect the outcome of all mandatory work schemes, labelled by employment campaigners as “workfare”, is expected before 10 August.